Due to a lack of awareness about what property management companies do and don’t do, the property management industry is ripe with common myths and misconceptions. To help clarify, we’ve come up with a list of common myths and the realities behind them!
Myth #1: You won’t cover your expenses if you have to pay a property manager.
False! We only charge 10% of rents collected and never charge the first month’s rent up front. We make sure our clients’ properties are cash-flowing and if they aren’t we have a wide variety of finance professionals in our network who can help.
Myth #2: Renting out your home makes it harder to sell.
Wrong! Not only does renting your property help you cover the costs of your investment while you’re trying to sell, having a tenant in the unit helps ensure that it’s well maintained and up to the standards of your potential buyers. Plus, at Simply Residential, we partner with the best realtors around, so you can be sure you’re being well represented.
Myth #3: Renters will destroy your property.
That’s not true! In many cases, having a renter helps you keep your rental property in good shape because there’s someone there to notice when things aren’t right.
Myth #4: Involving a third party makes renting out your property more complicated.
False! We say it all the time — we keep property management simple for our clients. The main reason many property owners work with management companies in the first place is to avoid all the complications that go along with self-managing. We handle the day-to-day contact and rent collection, you just have to sit back and collect your earnings.
Myth #5: Not having a contract with your property management company is ideal.
Absolutely not. A legal contract is essential to building trust and holding your property management company legally accountable for their actions or inaction. It adds an extra level of peace of mind to a sometimes stressful situation. Plus, it helps each party clearly outline their expectations and responsibilities in a way that can be easily referenced to clear up any confusion.
Do you have questions about our property management services and what makes us different? Send me an email and let’s chat!